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Hyundai Sonata Lease Questions
CarMan@Edmunds
Member Posts: 38,514
in Hyundai
Hi everyone. Please use the following discussion to post any questions that you have about leasing a Hyundai Sonata. Thanks.
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When visiting dealers, keep in mind that the selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Even manufacturers' advertised lease payments usually leave a little room to negotiate. It would be in your best interest to find out the exact MSRP and selling price that the lease that you are interested in are based upon and to try to negotiate the price down even further if possible.
The $2,138 that you mentioned includes a $1,999 capitalized cost reduction and this car's $199 first month's lease payment. The $595 acquisition fee was rolled into the capitalized cost of the lease that Hyundai is currently advertising on the 2006 Sonata. If you pay it at lease signing, your vehicle's cap cost should be at least $595 lower which would result in a slightly lower monthly payment.
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I contacted Hyundai Financing and Hyundai customer relations earlier today and they could not tell me that they require their dealers to charge an acquisition fee and an end of lease disposition fee. They suggested I contact the local dealer to get my questions asked. How ironic is that. Thanks for your time and patience and hopefully my wife and I will lease one of these cars in the next few days.
Re: Lease/Gap coverage, check with your auto insurance company first. Some ins. companies offer an optional "package endorsement" for about $30 a year (in CT). Several coverage enhancements in the package endorsement, including great rental car provisions, OEM parts, Lease/Gap, locksmith service, etc.
An alternative to leasing is buying a car using a home equity loan, for homeowners having a good amount of equity in their homes. Find out what a lease would cost and up front money. Negotiate a purchase price and put down the same amount as the lease would require. Then make monthly home equity payments equal to the lease payments (in addition to any other H.E. payments). The interest on the H.E. should be income tax deductible. At the end of the "lease period" the buyer can decide to sell the car or continue to make payments. If the car is worth more at the end of the lease period (likely) than the remaining balance on the loan, the buyer is ahead of the game and can sell the car or keep it and continue payments. The buyer can also get out early if for some reason he is dissatistifed with the car...on a lease the "buyer" is usually stuck for the duration. Also, at the end of the lease, the "buyer" has paid "all that" money and gets to walk away with "nothing."
IMO, most leases are bad deals for the consumer. Use a H.E. loan or even a long term car finance and then turn it in if a new car is wanted every 3 years, etc.
To get the lowest rate, you have to have a variable rate line of credit... Currently, most HELOCs are at prime rate... You can usually beat that rate with a lease..
To put it in perspective.... just three years ago, the prime rate was 2.75% lower than it is today... On a 60 month loan with a $20K balance, that would raise the payment by $25/mo... just for extra interest..
regards,
kyfdx
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If someone is looking at a 3 year lease, they should consider the HELOC option for a three year period. At the end of the 3 years they should be able to sell the car for more than the remaining balance on the note. With a lease they have nothing at the end of the lease period. If someone is in the 28% tax bracket, each $1,000 of interest "only" costs them $720 after taxes. The car buyer also has the option to sell early or to keep it beyond 3 years. And if a purchase can be negotiated at a better price than a lease, that savings must also be considered.
A HELOC may not be for everyone. But everyone who qualifies should consider that option as an alternative to leasing.
Simply put...don't buy a monthly payment, buy a car.
I am not sure of Hyundai charges a $500 advertising fee on this car, but I can tell you what I have told every other community member who has ever questioned a random fee that a dealer has tried to tack onto a deal: look at the big picture. Rather than letting dealers cloud things by adding all sorts of fees to your deal, ask them for an out-the-door price that includes all fees for the car that you want. Once you know this car's total price you can easily shop around with a few other dealers to see which one is offering you the best overall deal. If doesn't matter if this dealer tries to add a $500 advertising fee to your deal if its total price for the car that you want is still the lowest in your area. Believe me, this dealer definitely is not selling you this car for $300 below cost. Not only is Hyundai providing a $1,000 cash incentive on leases of it right now, but there is dealer cash on this model as well.
If you are rolling your car's acquisition fee into its capitalized cost (the total amount financed), you should not have to pay it at lease signing.
Let's estimate what its lease payment should be like using the information that you provided in your post and Hyundai's actual lease program. According to my calculations, if you were to lease a 2006 Hyundai Sonata GLS 4-cyl. with an MSRP of $19,995 and a selling price of $18,696 through Hyundai Finance right now for 36 months with 15,000 miles per year, your zero down, pre-tax monthly payment should be around $286.
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With owner loyalty and the HMFC incentive, plus adding in extra miles to make it 15K/year, I managed to get my Sonata for $250 a month (and this includes taxes, fees, etc).
I leased a 2006 Sonata GLS 4cyl through Hyundai's promotional lease plan and my payments are $239..... I found it to be a good lease offer
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Lease a 2006 Hyundai Sonata GLS 4 Cyl. for $199/month for 36 months, $2,099 customer cash down plus $1,000 HMFC origination support*, and $2,298 due at signing. See your local dealer for lease details. This program is effective from October 01, 2005 through October 31, 2005.
The salesperson was unfamilar with this and left to talk to the "Lease Mngr".
Returned and told me it would be $6,000 down to get the $199 a month. He than tried to push a lease on a 6cyl GLS for $269 a month w/$3300.00 down. Can anyone clarify this for me?
Thanks.
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I have been to all 3 and found their sales tactics to be unbelievable.
Can you please give me the MF and residual for a 2006 Sonata LX without Navigation, 15K miles a year for both 24 and 36 months.
Thanks
Andy
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Lease a 2006 Hyundai Sonata GLS 4 Cyl. for $189/month for 27 months, $2,299 customer cash down plus $1,500 HMFC origination support*, and $2,488 due at signing. See your local dealer for lease details. This program is effective from January 04, 2006 through January 31, 2006.
Is this a good deal or is there more room for the dealership to discount? Seems like it's based on cap cost of full MSRP before the $1500 HMFC support. (TV ad says $19,995)
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I'm a female, recent college grad and I want to make sure I'm not being taken for a ride!! I went to a hyundai dealer today to test drive and get a quote for a 2006 sonata LX 39 month lease. I am trading in a 1998 Saturn with a blue book value of around $3,000. (I was pleased to find that the dealer was willing to offer me $3,000 for the trade in without me offering this figure first.) His original quote was $340 a month with $1,100 out of pocket and the $3,000 trade in. I said absolutely no way and laughed in his face. I negotiated him down to $195 a month, but with this low payment he added another $800 to my down payment, bringing it to $4,900 down. This seems like a lot. I am going back tomorrow and my plan is to say that $195 a month, $1,000 out of pocket, and $3,000 trade in is my final offer. What are your thoughs on this?!? Please help
I see that you are considering trading in your current car. There's nothing wrong with trading in a vehicle when leasing, just have the dealer that you trade your car in to cut you a check for it rather than using the proceeds from it as a down payment for your lease. I always advise consumers against making any sort of down payment when leasing. I do so for two main reasons. The first is if your vehicle is totaled in an accident or stolen during your lease, your down payment essentially disappears. The second main reason is that down payments on leased vehicles do nothing to reduce their lease-end purchase prices. So your lease-end purchase option price for your Sonata would be exactly the same, regardless of whether you had put several thousand dollars down, or had made absolutely no down payment at all.
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I drove the first 30 miles and the car is extraordinary. It puts my '04 Malibu Maxx LT to shame.
Next year when the XM radio is standard I'm going to have to look into one of these.
Is the GLS worth the extra $10?
Is this a good deal, can anyone add more information?
Brian
What are the full details of the lease? $189 and $199 amonth is completely useless information when it doesn't say how much it costs to start and end the lease, how many miles are included and how many payments are required.
Lease a 2006 Hyundai Sonata GLS 4 Cyl. for $199/month for 30 months, $1,999 customer cash down plus $2,200 HMFC origination support*, and $2,198 due at signing. See your local dealer for lease details. This program is effective from June 01, 2006 through July 04, 2006
What do you think?
But the TMV at Edmunds is in the high 17,400 for the GlS V4. Shoudl that lower the lease or the cap cost?
Thank you!
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I am undecided as to purchasing the car or leasing it.
Here are the scenarios:
Lease is 268.00 X 36 months, 2200 out of pocket. (taxes, bank fee, etc).
Buy is for 21700, less 3000.00=18700.00
I have a 2003 Sonata Gls loaded with 26,000 miles.
They offered 9200.00 (i owe 1700.00 on it).
Financially,which way would I be better off?
"Lease a 2006 Hyundai Sonata GLS 4 Cyl. for $199/month for 36 months, $1,999 customer cash down plus $2,500 HMFC origination support*, and $2,198 due at signing. See your local dealer for lease details. This program is effective from July 05, 2006 through July 31, 2006"
I am not clear about the $2500 HMFC. Does this reduce the net cost? i.e. instead of getting $1500 off,if I buy, I am getting a rebate of $2500 on lease.
Also, is the $199/month inclusive of taxes as well?Because I called up a dealer and he told me that the TTL would be extra.
Taxes would be different depending on where the car was registered anyway, so there would be no way to quote one set payment in an ad that included taxes even if they wanted to do that.
money factor .00146 or .00195 depending upon credit
$2,500 cap cost reduction